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Abraaj's founder steps down from Air Arabia’s board

Abraaj's founder steps down from Air Arabia’s board
Abraaj is now under a court-supervised liquidation
Air Arabia
AIRARABIA
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Dubai – Mubasher: Abraaj Capital’s founder Arif Naqvi has resigned from Air Arabia’s board of directors.

The Dubai-listed carrier’s board stated that they held a meeting to discuss Mr Naqvi’s resignation, adding that a replacement will be appointed in the coming period, according to a company statement.

In June, Air Arabia announced that it has an overall exposure of $336 million to the UAE-based private equity firm Abraaj.

The Emirati private equity company, Abraaj Group, is now under a court-supervised liquidation after facing a backlash of money misusage allegations. 

Several companies in the region, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and the Commercial Bank of Dubai (CBD).